Fourth-quarter adjusted earnings before interest, tax,
depreciation and amortization, or Ebitda, was HK$1.9 billion,
based on Bloomberg’s calculations from adjusted Ebitda of
HK$5.72 billion for the first nine months. That lagged a median
estimate of HK$2.06 billion from six analysts surveyed by
Bloomberg News.

“Disappointment came from lower Grand Lisboa margin given
higher junket commissions,” Karen Tang, a Hong Kong-based
analyst at Deutsche Bank, wrote in a research note today.

SJM and other Macau casinos pay commissions to operators
called junkets to bring in high rollers from China’s mainland.

The company proposed a special dividend of 30 Hong Kong
cents a share on top of a final dividend of 50 Hong Kong cents a
share, according to the statement.

Gambling Revenue

The former Macau gaming monopoly’s revenue from VIPs, or
high rollers, rose to HK$53.3 billion from HK$52.8 billion a
year ago.

Sands earlier said it plans to invest at least $2.5 billion
to build its fifth resort, to be called the Parisian, in Macau,
the only city in China where casino gambling is legal. The
Parisian will have a replica of the Eiffel Tower and family-
oriented facilities to attract family-oriented gamblers from
China.